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Item Nos. 14 & 15 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: 2015 -16 TAX & OPERATING BUDGET HEARINGS <br />DATE: September 8, 2015 <br />BACKGROUND: State law requires us to conduct two public hearings on out tax rate and the <br />proposed annual budget. The first pair of hearings was completed Tuesday, September 8. <br />STATUS OF ISSUE: The proposed tax rate remains the same; however, because total ad <br />valorem tax revenues are projected to increase due to growth and some increased valuations, a <br />hearing is required. The budget includes equipment and compensation changes as discussed and <br />agreed to by the council previously. <br />BUDGET: NA <br />RECOMMENDATION: Conduct public hearings as required. <br />